Results 6,861-6,880 of 32,527 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I move amendment No. 69: In page 91, line 4, to delete “(f)” and substitute “(h)”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: As the tax credit for digital games is a cultural relief, in order to avail of the credit a digital games development company must first apply to the Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media for a cultural certificate. As part of the certification process, a digital games development company will be required to complete an undertaking in respect of quality employment...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: We originally had this in place for a three-year period. Due to the impact of the pandemic, businesses that may have wanted to access this relief were not able to do so. I am extending it for a five-year period to give more opportunities to companies to avail of it as, I hope, we move into more normal trading conditions.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Section 35 amends section 835 of the Taxes Consolidation Act 1997, which provides for defensive measures, including the disapplication of exemptions available to controlled foreign companies resident in jurisdictions listed in Annex 1 of the EU list of non-cooperative jurisdictions for tax purposes for an accounting period. Controlled foreign company, CFC, rules are an anti-abuse measure,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: For me, the success of this procedure is demonstrated by the fact it is in flux. The way I think something like this should work is that if standards are agreed and if countries meet those standards, they should not be on this list. If they do not meet those standards, they should be on the list, but if they take action to remedy the issue the Commission raised, they should get the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Sinn Féin's inference is that it would not even meet them.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I move amendment No. 42: In page 54, to delete lines 23 to 25 and substitute the following: “(i) An Bord Pleanála, under section 9 of that Act, or (ii) a local authority, under section 170 of the Planning and Development Act 2000,”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: This section is an anti-avoidance provision that denies a tax deduction for interest payable on intra-group borrowings which are used to purchase assets from the connected company. I will deal in a moment with the Deputy’s question regarding how we define “connected”. It was designed to prevent companies from selling assets, such as plant or machinery, between group...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I will quickly go back to the question Deputy Farrell asked me earlier on how to define a connected company. There are two criteria for it laid down in the Finance Act of 2019. To quickly summarise, the first is that if the same person has control of both companies, or a person has control of one company and is connected with the first-mentioned person, or the first-mentioned person and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I would be happy to look at it in the Tax Strategy Group process. The draw-down of the research and development credit for small and medium enterprises for 2019 stood at €801 million. I know that does not give a break down into microcompanies and the smallest companies that are starting up. From the figures that I have here, it looks as if the research and development credit...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Before we do that, I wish to mention that I may bring forward an amendment on Report Stage regarding an initiative being developed by the Minister for Agriculture, Food and the Marine on a Brexit-related matter.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: Deputies may recall that in 2018, my Department produced a detailed note for the committee on the subject of both bank losses and corporation tax losses more generally. This technical note was published online and is still available. It considered in some detail the potential implications of restricting the use of losses carried forward, or the introduction of a specific time limit or...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: It is because we treat AIB and Bank of Ireland the same as we treat any other Irish bank. I see the banks as entities not just to be taxed but as ones that also have to provide credit, investment and employment to lead to the availability of more homes, jobs and investment in all parts of our country. While I can understand the attractiveness, politically, of a change in tax policy such as...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I would have thought the Deputy could recognise the value of banks being able to lend more to enable more homes to be built, and the danger if mortgage interest rates became even more expensive than they already are. Given that ours is an economy two banks have decided to leave, the ability of the banks that remain to lend more in the future, and to avoid their mortgages becoming even more...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I will respond to the concluding comment made by Deputy Doherty. It is a well-proven technique from Deputy Doherty and Sinn Féin to put words in my mouth that I did not say and then attack me for making an argument I did not make. At no point in my argument did I say the banks should never pay tax at any point in the future. I have never said that. However, I did say that, given...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: I move amendment No. 75: In page 93, between lines 2 and 3, to insert the following: “Amendment of section 604 of Principal Act (disposals of principal private residence) 37. Section 604 of the Principal Act is amended by the insertion of the following subsection after subsection (14): “(15) (a) This subsection applies where an individual disposes of or of an interest in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (Resumed) (17 Nov 2021)

Paschal Donohoe: That is correct.